What is Pig Butchering Scam?
Pig butchering scams are a cousin of older-style online romance scams, which often have smaller-scale losses. While pig butchering sometimes uses romance as a tactic, scammers can also build other types of personal or professional relationships over time in order to convince their targets to invest more money.
Pig Butchering Scam can also be described as a romantic scam. Scammers use false online identities to gain the affection and trust of their victims and then use the illusion of intimacy to ask for money, induce victims to invest or use their personal information for other theft and fraud schemes.
Scammers are found on most dating and social media sites. They will spend weeks communicating with you every day, acting like your best friend.
Then at some point they will start talking about how they have made lots of money trading forex or cryptocurrencies and state that they have people who guide them. The scammers usually also have demo accounts where they will send you fake trading data, screenshots of their earnings to make you think they are really making big money. Then they will ask you to open an account, make a deposit and make money with them.
When you want to withdraw your money, the initial small withdrawal may be smooth; but once you apply for a large withdrawal, it will be difficult. Scammers will hinder your withdrawal in various ways, such as asking you to prepay a certain percentage of taxes, deposits, anti-money laundering fees, etc. This is all part of the scam. When they have scammed you out of your money, they will disappear. The whole scam process is scripted, which is Pig Butchering Scam. And the scammers are usually hard to verify because of their hidden movements.
How to avoid Pig Butchering Scam?
1️⃣ Do not send money to anyone you have contacted only through the Internet or by phone.
2️⃣ Be careful of the personal information you post online. Scammers are likely to get to know and target you better through the details you make public on social media and dating sites.
3️⃣ Be wary of any investment opportunity that promises high returns with little risk. These are likely scams. “If something seems too good to be true, it probably is”.
Scammed? What to do!
1️⃣ Collect evidence by taking screen shots of all trades, messages and communications, money transfer addresses, their websites, etc.
2️⃣ If you used a bank card to make a payment to a scammer, contact your bank immediately. Tell them that you used this card to make a payment to the scammer and ask if they can refund your money trough a Chargeback process.
3️⃣ You can report the company/person who scammed you by contacting us. We will make a review and expose the crooks. May warn potential victims.
⚠️ Reminder: If you deposited your funds on a platform and they ask you to pay a “fee” or “tax” in order to withdraw your funds do not pay anything! It’s a trick to steal more funds from you.